29 June 2007
29 June 2007 - Mayer, Brown, Rowe & Maw LLP's London corporate group has advised W S Atkins plc on the disposal of its UK-based property agency business, Lambert Smith Hampton (LSH), to De Facto 1498 Limited. Completion is subject to regulatory approval being obtained. The initial consideration, based on an enterprise value of £46.5 million, has been satisfied partly in cash and partly by the issue of a vendor loan note.
An additional amount of up to £10 million will be payable (in the form of an additional loan note with similar terms to the original loan note) depending on the financial performance of LSH in the year ending 31 March 2008.
De Facto 1498 Limited is a company backed by LSH Management and Bank of Scotland Integrated Finance (BoSIF). W S Atkins is a leading multi-disciplinary consultancy group. This sale furthers Atkins' strategy of focusing on core activities and provides funds for future investment.
London corporate partner Richard Page led the Mayer, Brown, Rowe & Maw team assisted by corporate assistant Gabriel Olearnik.
BoSIF was advised by Travers Smith.
Berwin Leighton Paisner and Wedlake Bell advised the management.
For further information:Charlotte Ward
+44 (0)20 7782 8787
PR Manager, London
+44 20 7782 8547